Real Estate Trends – Brookline, Massachusetts #2

Introduction:

Welcome back again for our latest real estate market trend report.  For those of you that are here for the first time what we do in these reports is examine the real estate market in a city or town in Massachusetts or New Hampshire to evaluate the current conditions.  We do this by looking at the changes in three key metrics year over year for the municipality to see how the market has changed and then evaluate what those observations might mean for that market moving forward.

Today we are highlighting the market in Brookline, MA in Norfolk County

 Brookline MA Photo Collage - Brookline Massachusetts Real Estate

We last looked at Brookline, MA in January ending the data from 2015 (looked at single families as well as the Condo Market there that month).

Market Trends in Brookline, MA – May 2015 and 2016:

The Brookline, MA market has fallen off since last year.   The average prices are down and the median prices were down as well.  The days on market were down quite a bit though.  Inventory was up a small amount with 14 sales in May of 2015 all the way up to 16 in May 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Brookline, MA the average listing price in May 2015 was $2,167,921.  This was down to $1,810,312 in May 2016.  This gives a very sizable decrease of 16.50% year over year. 

Looking at the median prices we see that they were lower in both years.  For May of 2015 the median listing price for Brookline, MA was $1,924,500 and in May 2016 it was $1,699,000 which now gives a somewhat smaller decrease of 11.72%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Brookline, MA in May of 2015 was $2,138,446 and in May 2016 that was down to $1,804,938.  That gives another sizable decrease of 15.60%, but a little smaller than the average list price. 

We see the same pattern that we did for the median list price.  For May of 2015 the median sales price for Brookline, MA was $1,902,500 and in May 2016 it was $1,679,250 giving another large decrease of 11.73%, and almost exactly the same as the median list price. 

Prices have declined a bit for Brookline, MA in May.  The range was not that large going from just under 12% to 16.5%.  The averages were both on the high end of the range while the medians were on the lower side.  Since medians are considered the best method to use for real estate pricing analysis we are going to give them more weight and say that prices are down the 11.7% or so that both those numbers showed vs. the 15+% seen with the average numbers.

Average Days on Market:

Finally the last metric we look at are the average days on market, which is the measure of how long it takes for a property to sell in the current market.  For Brookline, MA the average days on market in May of 2015 were 80.79 and the average days on market for May 2016 were 40.50 for a pretty large 49.87% decrease.

Brookline, Massachusetts Summary:

The Brookline, Massachusetts real estate market is down a bit since last year.  The average prices were down quite a bit while the median prices were down almost as much.  The days on market were down a lot however.  While a little surprising and a very nice counterargument to a down market, ultimately being able to sell a house roughly 5 weeks faster does not really start to counteract 6 digit price declines.

In summary if you are looking to sell a house in Brookline, MA now you should expect to get less for it than you would have gotten last year.  However you could also expect it to take a lot less time to sell compared to last year as well. 

 

Do you need to sell your Brookline, Massachusetts house fast?  If you would like to sell your home fast and hassle free schedule a consultation with us today.

Please share your questions and comments below.

 

 

 

(Image credit: Brookline MA Photo Collage 2 via Wikipedia)

 

Real Estate Trends – Reading, Massachusetts

Introduction:

We are back for our latest market trend report examining Eastern Massachusetts and Southern New Hampshire real estate markets.  In these reports we will examine the municipality’s year over year change in the real estate market and discuss these observations and what they might mean for the market.

Today we are highlighting Reading, MA in Middlesex County.

Parker Tavern - Reading Massachusetts Real Estate

Reading was incorporated on June 10th 1644 and later had the towns of North Reading and Wakefield break off.

Market Trends in Reading, MA – November 2013 and 2014:

Reading, MA is showing signs of a slowing market with listing and sales prices down and the days on market going up.  Inventory was up with 12 sales in November of 2013 and 16 in 2014.

Average Listing Prices:

Let’s start with the first metric we’ll look at which is the average listing price.  Reading, MA had an average list price of $523,333 in November 2013 that went down to $496,356 in November 2014.  This represents a decrease of 5.15%, which is a meaningful decrease.

Average Sale Prices:

The next metric we consider is the average sale prices.  In November of 2013 the average sale price for Reading, MA was $518,904; in November 2014 that was down to $494,556.  This is a slightly smaller decrease of 4.69%.  The difference in the decreases between listing vs. sale prices is small, but could indicate that the local real estate professionals are recognizing the prices are falling and are compensating for it reasonably well.

Average Days on Market:

Finally the last thing we look at is the days on market, which is how long it is takes for a house to sell in this market.  Reading, MA had an the average days on market in November of 2013 of 24.50 and the average days on market in 2014 were up to 58.50, for a whopping 139% increase! We have seen in several of our previous posts for the municipalities of AbingtonBedfordSeekonkBelmont, TopsfieldCanton, Dracut (Condos), HamiltonWakefield, Amesbury (Condos), Dracut #2 and Taunton that an outlier can really skew the data.  That happens to be the case here for Reading, MA as well.  Similar to most of these it is actually the 2013 data that is skewed and in this case makes the above even more dramatic. In November 2013 there was one house with a days on market of more than double any of the others.  After removing this from the calculation the other 11 properties had an average days on market of 17.45.  If we use this for the calculation we get an increase of 235%, which is quite a bit bigger than the already startling initial figure.   Regardless of which calculation you look at houses are clearly sitting on the market much longer than they were a year ago.

Reading, Mass Summary:

The Reading, Massachusetts real estate market has definitely weakened since last year.  The declines in both listed and sale prices make this clear.  Also the sizable increase in the days on market cements this point. In summary if you are looking to sell a house in Reading, MA now you should expect to get less for it than you would have last year.  You also should expect to need to take an even bigger discount off of your initial price to avoid sitting on it for a very long time.

 

Do you need to sell your Reading, Massachusetts house fast?  If you would like to sell your home fast and hassle free schedule a consultation with us today.

Please share your questions and comments below.      

 

 

(Image credit: Parker Tavern Reading MA by Swampyank via Wikipedia)